Moore Industries manufactures exercise equipment.Recently the vice president of operations of the company has requested construction of a new plant to meet the increasing demand for the company's exercise equipment.After a careful evaluation of the request, the board of directors has decided to raise funds for the new plant by issuing $3,000,000 of 11% bonds on March 1, 2015, due on March 1, 2030, with interest payable each March 1 and September 1.At the time of issuance, the market interest rate for similar financial instruments is 10%.What is the selling price of the bonds?

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The Answer of Moore Industries manufactures exercise equipment.Recently the vice president of operations of the company has requested construction of a new plant to meet the increasing demand for the company's exercise equipment.After a careful evaluation of the request, the board of directors has decided to raise funds for the new plant by issuing $3,000,000 of 11% bonds on March 1, 2015, due on March 1, 2030, with interest payable each March 1 and September 1.At the time of issuance, the market interest rate for similar financial instruments is 10%.What is the selling price of the bonds?

Moore Industries Manufactures Exercise Equipment